If the CPI Is 120 in 1996 and 180 in 2002,then

question 86

Multiple Choice

If the CPI is 120 in 1996 and 180 in 2002,then between 1996 and 2002,prices have increased by

• A)180%.
• B)80%.
• C)60%.
• D)50%.

---

Definitions:

Marginal Revenue Product Curve

A curve showing the additional revenue a firm earns by employing one additional unit of input, holding other factors constant.

Competitive Seller

A seller in a competitive market who takes the market price as given and whose output decision does not affect the market price.

Monopolist

An individual or entity that is the sole provider of a particular product or service in the market, giving them the power to influence price and market conditions.

Profit Maximization

The process a firm uses to determine the price and output level that returns the highest profit.